Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 4 March, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power (GNX AU)</a> announced an A$0.275/share NBIO from <a href="https://www.smartkarma.com/entities/electric-power-development-c" target="_blank" data-smartkarma-citation="entities:292:1" rel="noopener">Electric Power (9513 JP)</a> (J-Power), by way of a Scheme, in tandem with an off-market A$0.27/share Offer.</li>
<li>Due diligence was afforded. Exclusivity was extended twice, before a firm offer was inked at the same terms on the <a href="https://announcements.asx.com.au/asxpdf/20240412/pdf/062g9g3y0030f3.pdf" target="_blank" rel="noopener">12th April</a>.  The Scheme meeting is expected mid-July; implementation late-July.</li>
<li>And Scott Farquhar's Skip Enterprises, which holds 19.9% in Genex, and who had previously pitched a A$0.25/share NBIO in 2022? No word. And no irrevocable. </li>
</ul>


On the 4 March, Genex Power (GNX AU) announced an A$0.275/share NBIO from Electric Power (9513 JP) (J-Power), by way of a Scheme, in tandem with an off-market A$0.27/share Offer.
Due diligence was afforded. Exclusivity was extended twice, before a firm offer was inked at the same terms on the 12th April.  The Scheme meeting is expected mid-July; implementation late-July.
And Scott Farquhar's Skip Enterprises, which holds 19.9% in Genex, and who had previously pitched a A$0.25/share NBIO in 2022? No word. And no irrevocable. 


Genex (GNX AU) & J-Power (Finally) Firm Terms

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a> has entered a transaction implementation deed with <a href="https://www.smartkarma.com/entities/electric-power-development-c" target="_blank" data-smartkarma-citation="entities:292:1" rel="noopener">Electric Power Development C (9513 JP)</a> for a scheme (A$0.275) and an off-market takeover offer (A$0.270). </li>
<li>Skip could vote against the scheme due to the low 10% premium to its 2022 offer and Genex’s operational capacity rising by 2.7x by the end of 2024.</li>
<li>The likely scenario is that J-POWER succeeds with its takeover offer. At the last close, the gross spread of the scheme and takeover offer was 3.8% and 1.9%, respectively.   </li>
</ul>



Genex Power Ltd (GNX AU) has entered a transaction implementation deed with Electric Power Development C (9513 JP) for a scheme (A$0.275) and an off-market takeover offer (A$0.270). 
Skip could vote against the scheme due to the low 10% premium to its 2022 offer and Genex’s operational capacity rising by 2.7x by the end of 2024.
The likely scenario is that J-POWER succeeds with its takeover offer. At the last close, the gross spread of the scheme and takeover offer was 3.8% and 1.9%, respectively.   


Genex Power (GNX AU): J-Power’s Binding Proposal as Skip’s Intentions Remain Unknown

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a> has disclosed a non-binding scheme proposal from <a href="https://www.smartkarma.com/entities/electric-power-development-c" target="_blank" data-smartkarma-citation="entities:292:1" rel="noopener">Electric Power Development C (9513 JP)</a> at A$0.275, a 48.6% premium to the undisturbed price of A$0.185.</li>
<li>If the scheme fails, J-Power will launch an off-market takeover offer with a 50.1% minimum acceptance condition at A$0.270 per share. The dual-track bid is meant to counter Skip's stake.</li>
<li>The Board has granted exclusive due diligence until 31 March. The offer is attractive, but the scheme's completion hinges on Skip Capital’s acceptance.  </li>
</ul>



Genex Power Ltd (GNX AU) has disclosed a non-binding scheme proposal from Electric Power Development C (9513 JP) at A$0.275, a 48.6% premium to the undisturbed price of A$0.185.
If the scheme fails, J-Power will launch an off-market takeover offer with a 50.1% minimum acceptance condition at A$0.270 per share. The dual-track bid is meant to counter Skip's stake.
The Board has granted exclusive due diligence until 31 March. The offer is attractive, but the scheme's completion hinges on Skip Capital’s acceptance.  


Genex Power (GNX AU): J-Power’s Dual-Track Non-Binding Proposal

<ul>
<li>Back in July 2022, Aussie renewable energy player <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex (GNX AU)</a> announced an A$0.23/share NBIO from Skip Enterprises and Stonepeak, subsequently bumped to A$0.25/share, and confirmatory due diligence provided.</li>
<li>Negotiations <a href="https://announcements.asx.com.au/asxpdf/20221228/pdf/45k724cgztnf80.pdf" target="_blank" rel="noopener">ceased</a> in December that year.  As of today, Scott Farquhar's Skip Enterprises continues to hold a 19.9% stake in Genex. </li>
<li>This morning, Genex <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02780585-2A1509187" target="_blank" rel="noopener">announced</a> an A$0.275/share NBIO from <a href="https://www.smartkarma.com/entities/electric-power-development-c" target="_blank" data-smartkarma-citation="entities:292:1" rel="noopener">Electric Power Development (9513 JP)</a> (J-Power), by way of a Scheme. A concurrent off-market A$0.27/share is in place.</li>
</ul>


Back in July 2022, Aussie renewable energy player Genex (GNX AU) announced an A$0.23/share NBIO from Skip Enterprises and Stonepeak, subsequently bumped to A$0.25/share, and confirmatory due diligence provided.
Negotiations ceased in December that year.  As of today, Scott Farquhar's Skip Enterprises continues to hold a 19.9% stake in Genex. 
This morning, Genex announced an A$0.275/share NBIO from Electric Power Development (9513 JP) (J-Power), by way of a Scheme. A concurrent off-market A$0.27/share is in place.


Genex (GNX AU): J-Power's Indicative Offer

Shinko Electric Industries / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">Qantm Intellectual Property (QIP AU)</a>, <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a>, <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, Shinko Electric. </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, <a href="https://www.smartkarma.com/entities/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG Corp (6789 JP)</a>, <a href="https://www.smartkarma.com/entities/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">Mma Offshore (MRM AU)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>, <a href="https://www.smartkarma.com/entities/newmark-property-reit" target="_blank" data-smartkarma-citation="entities:40696:1" rel="noopener">Newmark Property REIT (NPR AU)</a>, Lawson.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Qantm Intellectual Property (QIP AU), Southern Cross Media (SXL AU), Azure Minerals (AZS AU), QV Equities Ltd (QVE AU), Hollysys Automation Technologies (HOLI US), Shinko Electric. 
Lowest spreads: Chilled &amp; Frozen Logistics Holdings (9099 JP), Roland DG Corp (6789 JP), Mma Offshore (MRM AU), Pact Group Holdings (PGH AU), Newmark Property REIT (NPR AU), Lawson.


Merger Arb Mondays (22 Apr) - Shinko, Inageya, C&F Logistics, Hollysys, Azure, Qantm IP, Tietto

Australia

Genex Power Limied operates as a power generation development company. The Company focuses on generation and storage of renewable energy. Genex Power serves customers in Australia.

Genex Power Ltd (GNX AU)

Genex (GNX AU) & J-Power (Finally) Firm Terms

Trading at a gross/annualised spread of 1.9%/5.0% (for the off-market Offer) assuming late Aug payment. Perhaps get involved here and on any...

David Blennerhassett

Genex Power (GNX AU): J-Power’s Binding Proposal as Skip’s Intentions Remain Unknown

Skip could derail the scheme vote. The likely scenario is that J-POWER succeeds with its takeover offer. At the last close, the gross spread of the...

Arun George

Genex Power (GNX AU): J-Power’s Dual-Track Non-Binding Proposal

The NBIO is attractive, but the scheme's completion hinges on Skip’s acceptance. The off-market takeover is the floor price, as the minimum...

Arun George

Genex (GNX AU): J-Power's Indicative Offer

Trading at a gross/annualised spread of 8%/23.5% - for the off-market Offer - assuming late July completion. IF YOU ARE AN ARBITRAGEUR, I might get...

David Blennerhassett

Merger Arb Mondays (22 Apr) - Shinko, Inageya, C&F Logistics, Hollysys, Azure, Qantm IP, Tietto

This week, the highest gross spreads are Qantm IP (17.6%), Southern Cross (12.6%), Azure (8.8%), QV Equities (8.7%), Hollysys (7.9%), Shinko...

Arun George